This partnership agreement template, also known as deed of partnership, is suitable for a partnership of 2 or more people carrying on a business together with the objective making a profit.
A Partnership is a professional relationship between two or more people who are carrying on a common business with the intention of making a profit. The number of Partners is limited to twenty and these Partners may be either individuals or corporate entities.
Partnerships are governed by the Partnership Act 1890 as amended. Partnerships have an agreement in place to reduce disputes amongst the Partners, to ensure security of the Partners' position in the Partnership, as well as to provide certainty regarding the consequences of any actions by the other Partners. In the event that an issue arises amongst the Partners in a Partnership, where there is no written agreement or the agreement does not deal with the issue in dispute, the provisions of the Partnership Act 1890 as amended shall prevail.
When you buy a partnership agreement from us you can be certain an experienced solicitor who specialises in company law wrote the partnership agreement template. The agreement is comprehensive and written in plain English and will cover partnerships formed in England and Wales. The partnership agreement comes with explanatory notes making it simple to complete.
Agreement Contents
1. Interpretation and Preliminary
2. Constitution of Partnership
3. Duration
4. Partnership Property and Place of Business
5. Capital Accounts
6. Current Accounts
7. Profits and Losses
8. Drawings
9. Expenses
10. Advances to Partners - Loan Accounts
11. Financial Year
12. Banking Account
13. Books and Records
14. Financial Statements
15. Auditors
16. Good Faith
17. Management
18. Duties of Partners
19. Voting and Resolutions
20. Indemnity
21. Insurance
22. Holiday Leave
23. Confidentiality
24. Voluntary Retirement
25. Involuntary Retirement
26. Expulsion
27. Former Partners
28. Dissolution of Partnership
29. Restriction on Activities
30. Breach
31. Dispute Resolution
32. Whole Agreement - No Amendment
33. Governing Law and Jurisdiction
34. Counterparts
35. Notices
36. Costs